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The naira closed at 455 against the United States dollar at
the parallel market, eight days after the Central Bank of Nigeria
modified its foreign exchange policy to enhance dollar supply and stabilise
exchange rate.
The CBN has so far sold $780m as its steps up efforts to
tackle currency speculators and bridge the gap between official and parallel
market rates of the local currency.
The CBN had last Monday commenced the implementation of the
reformed forex policy with a promise to sell $1m weekly to each of the 21
commercial banks in the country.
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